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Las Vegas Profits Improved in June
On August 10th, 2007, Wall Street released the newest June financial reports for Las Vegas casino resorts. Compared with the same period last year, the financial reports showed that profits increased by an astounding 13.3% percent which raise the statewide results to a 5.7% percent increase.
Las Vegas Strip profits totaled more than $500 million dollars and the statewide figures are just $41 million dollars until it reach $1 billion dollars. While some of the shares on Wall Street tumbled like in the real estate sector, the figures in Las Vegas based casinos were the only good thing amidst the gloom hanging over the market.
Banker Joseph Greff from Bear Sterns said that Las Vegas strip market trends are consistent with wins growing 13.3% percent as a result of bigger drop, +13.0% percent and has a bigger hold, +10bps.
Total table wins improved 38.4% percent as the 20% percent improvement in table drop and 180 bps growth in table combined together to produce a good profit for the strip. Baccarat results contributed greatly to the Strip's profit results.
Tuesday, September 11 , 2007
Victor Copeland